Royal LePage Canada First Quarter Market Report 2020
Royal LePage Canada has released the Q1 Market Report for 2020.
What impacts are expected for the #Canadian real estate market from the #COVID19 pandemic? According to Royal LePage, Canadian #homeprices are forecast to show remarkable resilience in 2020. Learn more about forecast scenarios across Canada’s major markets.
According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate price of a home in Canada is expected to remain remarkably stable through the COVID-19 pandemic.
If the strict, stay-at-home restrictions characterizing the fight against COVID-19 are eased during the second quarter, prices are expected to end 2020 relatively flat, with the aggregate value of a Canadian home up a modest 1.0 percent year-over-year, to $653,800. If the current tight restrictions on personal movement are sustained through the summer, the negative economic impact is expected to drive home prices down by 3.0 percent ($627,900) year-over-year. In December 2019, Royal LePage forecast the national aggregate price to increase by 3.2 percent by the end of 2020. Due to COVID-19, expected price growth has been revised down almost 70 percent compared to Royal LePage’s base scenario.
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